The following figures relate to the retail business of A Bell for the month of July 2012 Goods which are on sale fall into two categories, X and Y You are to calculate for each category of goods (a) Cost of goods sold (b) Gross profit (c) Total expenses (d) Net profit (e) Average inventory at cost,...

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The following figures relate to the retail business of A. Bell for the month of July 2012.

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The following figures relate to the retail business of A. Bell for the month of July 2012. Goods which are on sale fall into two categories, X and Y.

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You are to calculate for each category of goods:

(a) Cost of goods sold.

(b) Gross profit.

(c) Total expenses.

(d) Net profit.

(e) Average inventory at cost, assuming that sales are distributed evenly over the year, and that each month is of the same length.

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Frank Woods Business Accounting

ISBN: 9780273759287

12th Edition

Authors: Frank Wood. Sangster, Alan

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Question Posted: Jan 31, 2024 06:03 AM

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The following figures relate to the retail business of A. Bell for the month of July 2012.

Question:

Sales to the public at manufacturer's recommended list price Trade discount allowed to retailers Total expenses as a percentage of sales Annual rate of inventory turnover Category X 9,000 15% 14% 10 Category Y 24,000 18% 14% 16

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Frank Woods Business Accounting

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